Convenience Retail Asia to spend HK$50m on stores

Convenience Retail Asia, which operates Circle K convenience stores and Saint Honore cake shops, plans to invest HK$50 million this year to open 70 new stores in Hong Kong and the mainland. The group yesterday announced its year-end results, which saw a 6.7 per cent increase in revenue in 2010 to HK$3.58 billion. Group net profit, excluding HK$16.5 million from the closure of stores and factories on the mainland, went up 30.3 per cent to HK$119.9 million despite increasing operation costs.